嬌生 (JNJ) 2024 Q1 法說會逐字稿

Good morning, and welcome to Johnson & Johnson's First Quarter 2024 Earnings Conference Call. (Operator Instructions) This call is being recorded. If anyone has any objections, you may disconnect at this time. (Operator Instructions)

早安，歡迎參加強生 2024 年第一季財報電話會議。 （操作員說明）此通話正在錄音。如果有人有任何異議，您可以此時斷開連接。 （操作員說明）

I would now like to turn the conference over to Johnson & Johnson. You may begin.

我現在想將會議轉交給強生公司。你可以開始了。

Hello, everyone. This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson. Welcome to our company's review of the first quarter business results and our full year financial outlook for 2024.

大家好。我是潔西卡摩爾，強生公司投資人關係副總裁。歡迎閱讀我們公司第一季經營業績回顧和 2024 年全年財務展望。

A few logistics before we get into the details. As a reminder, you can find additional materials, including today's presentation and associated schedules, on the Investor Relations section of the Johnson & Johnson website at investor.jnj.com.

在我們詳細介紹之前，先介紹一些後勤工作。請注意，您可以在強生公司網站 Investor.jnj.com 的投資者關係部分找到更多資料，包括今天的簡報和相關時間表。

Please note that this presentation contains forward-looking statements regarding, among other things, the company's future operating and financial performance, market position and business strategy. You are cautioned not to rely on these forward-looking statements, which are based on the current expectations of future events using the information available as of the date of this recording and are subject to certain risks and uncertainties that may cause the company's actual results to differ materially from those projected.

請注意，本簡報包含有關公司未來營運和財務績效、市場地位和業務策略等的前瞻性陳述。請注意，不要依賴這些前瞻性陳述，這些陳述基於使用截至本記錄之日的可用資訊對未來事件的當前預期，並受到某些風險和不確定性的影響，可能導致公司的實際結果與預期的存在重大差異。

A description of these risks, uncertainties and other factors can be found in our SEC filings, including our 2023 Form 10-K, which is available at investor.jnj.com and on the SEC's website. Additionally, several of the products and compounds discussed today are being developed in collaboration with strategic partners or licensed from other companies. This slide acknowledges those relationships.

有關這些風險、不確定性和其他因素的描述可以在我們向 SEC 提交的文件中找到，包括我們的 2023 年 10-K 表格，該表格可在 Investor.jnj.com 和 SEC 網站上取得。此外，今天討論的幾種產品和化合物正在與策略合作夥伴合作開發或從其他公司獲得許可。這張投影片承認了這些關係。

Moving to today's agenda. I will start by reviewing the first quarter sales and P&L results for the corporation as well as highlights related to our 2 businesses. Joe Wolk, our CFO, will then provide additional business and financial commentary before sharing an overview of our cash position, capital allocation priorities and guidance for 2024. The remaining time will be available for your questions.

轉到今天的議程。我將首先回顧公司第一季的銷售和損益結果以及與我們兩項業務相關的亮點。然後，我們的財務長 Joe Wolk 將提供額外的業務和財務評論，然後概述我們的現金狀況、資本配置優先事項和 2024 年指導。

Joaquin Duato, our Chairman and CEO; as well as Jennifer Taubert, John Reed and Tim Schmid, our Innovative Medicine and MedTech leaders will be joining us for Q&A. To ensure we provide enough time to address your questions, we anticipate the webcast will last approximately 60 minutes.

Joaquin Duato，我們的董事長兼執行長；我們的創新醫學和醫療技術領導者 Jennifer Taubert、John Reed 和 Tim Schmid 將參加我們的問答。為了確保我們有足夠的時間來解決您的問題，我們預計網路廣播將持續約 60 分鐘。

Unless otherwise stated, the financial results and guidance highlighted today reflect the continuing operations of Johnson & Johnson. Furthermore, the percentages quoted represent operational results and, therefore, exclude the impact of currency translation.

除非另有說明，今天強調的財務表現和指導反映了強生公司的持續經營。此外，所引用的百分比代表營運結果，因此排除了貨幣換算的影響。

Turning to our first quarter sales results. Worldwide sales were $21.4 billion for the first quarter of 2024. Sales increased 3.9%, with growth of 7.8% in the U.S. and a decline of 0.3% outside of the U.S. Excluding the impact of the COVID-19 vaccine, operational sales growth was 7.6% worldwide and 7.4% outside of the U.S. Sales growth in Europe excluding the COVID-19 vaccine was 6.0%.

轉向我們第一季的銷售業績。 2024 年第一季全球銷售額為 214 億美元。 %，美國以外地區銷售額成長7.4%。

Turning now to earnings. For the quarter, net earnings were $5.4 billion and diluted earnings per share was $2.20 versus a basic loss per share of $0.19 a year ago. Excluding after-tax intangible asset amortization expense and special items for both periods, adjusted net earnings for the quarter were $6.6 billion and adjusted diluted earnings per share was $2.71, representing increases of 3.8% and 12.4% respectively, compared to the first quarter of 2023. On an operational basis, adjusted diluted earnings per share increased 12.8%.

現在轉向收益。該季度淨利潤為 54 億美元，稀釋後每股收益為 2.20 美元，而一年前每股基本虧損為 0.19 美元。剔除兩個期間的稅後無形資產攤銷費用和特殊項目，該季度調整後淨利潤為66億美元，調整後稀釋每股收益為2.71美元，較2023年第一季分別增長3.8%和12.4%在營運基礎上，調整後的稀釋每股收益成長了12.8%。

I will now comment on business sales performance in the quarter.

我現在將評論本季的業務銷售業績。

Beginning with Innovative Medicine, worldwide Innovative Medicine sales of $13.6 billion increased 2.5%, with growth of 8.4% in the U.S. and a decline of 4% outside of the U.S. Excluding the impact of the COVID-19 vaccine, operational sales growth was 8.3%, both worldwide and outside of the U.S.

從創新藥物開始，全球創新藥物銷售額為 136 億美元，成長 2.5%，其中美國成長 8.4%，美國以外地區下降 4%。世界範圍內還是在美國以外

Innovative Medicine growth was driven by our key brands and continued uptake from recently launched products, with 9 assets delivering double-digit growth.

創新醫學的成長是由我們的主要品牌和最近推出的產品的持續吸收所推動的，其中 9 項資產實現了兩位數的成長。

We continue to drive strong sales growth across our multiple myeloma portfolio. DARZALEX growth was 21.0%, primarily driven by share gains of 6 points across all lines of therapy and 10 points in the frontline setting.

我們持續推動多發性骨髓瘤產品組合的強勁銷售成長。 DARZALEX 成長了 21.0%，主要是由於所有治療領域的份額增加了 6 個百分點，一線治療領域的份額增加了 10 個百分點。

As of this quarter, we are now disclosing TECVAYLI sales, which were previously reported in Other Oncology. Sales achieved $133 million in the quarter, compared to $63 million in the first quarter of last year, reflecting a strong launch in the relapsed refractory setting.

截至本季度，我們現揭露 TECVAYLI 銷售額，先前曾在《其他腫瘤學》中報道該銷售額。本季銷售額達到 1.33 億美元，而去年第一季銷售額為 6,300 萬美元，反映出復發難治性藥物領域的強勁發展。

CARVYKTI achieved sales of $157 million, compared to $72 million in the first quarter of last year, driven by continued capacity expansion, manufacturing efficiencies and strong demand. While sequential growth was roughly flat due to phasing, we continue to anticipate quarter-over-quarter growth, with acceleration in the back half of the year.

在持續產能擴張、製造效率和強勁需求的推動下，CARVYKTI 實現銷售額 1.57 億美元，而去年第一季銷售額為 7,200 萬美元。雖然由於分階段的原因，環比成長大致持平，但我們仍然預計季度將環比成長，並在今年下半年加速。

Other Oncology growth was driven by continued strong uptake of TALVEY, our GPRC5D bispecific, and RYBREVANT, our bispecific antibody for non-small cell lung cancer.

其他腫瘤學的成長是由 TALVEY（我們的 GPRC5D 雙特異性抗體）和 RYBREVANT（我們的非小細胞肺癌雙特異性抗體）的持續強勁吸收所推動的。

Also in Oncology, ERLEADA continues to deliver strong growth of 28.4%, primarily driven by share gains.

同樣在腫瘤學領域，ERLEADA 繼續實現 28.4% 的強勁增長，這主要是由份額增長推動的。

Growth of 22.4% in Pulmonary Hypertension was driven by favorable patient mix, share gains and market growth for both OPSUMIT and UPTRAVI. As a reminder, favorable patient mix was a driver in Q2 2023 through Q1 2024, therefore, while we still anticipate growth, we expect to lap this dynamic beginning in Q2 2024.

肺動脈高壓治療成長了 22.4%，這得益於 OPSUMIT 和 UPTRAVI 有利的患者組合、份額成長以及市場成長。提醒一下，有利的患者組合是 2023 年第二季至 2024 年第一季的驅動因素，因此，儘管我們仍預期成長，但我們預計將在 2024 年第二季開始實現這一動態。

Within Immunology, we saw sales growth in TREMFYA of 27.6% driven by market growth and share gains. STELARA growth of 1.1% was driven by market growth and share gains in IBD, partially offset by unfavorable patient mix in the U.S. and, as expected, share loss in PsO and PsA. We anticipate continued volume growth, largely offset by price declines as we move towards biosimilar entry.

在免疫學領域，受市場成長和份額成長的推動，TREMFYA 的銷售額成長了 27.6%。 STELARA 成長 1.1% 是由 IBD 市場成長和份額成長推動的，但部分被美國不利的患者組合以及 PsO 和 PsA 份額損失（如預期）所抵消。我們預計銷售將持續成長，但隨著我們轉向生物相似藥進入市場，價格下降將在很大程度上抵消這一成長。

In Neuroscience, SPRAVATO growth of 72.0% continues to be driven by share gains and additional market launches. Total Innovative Medicine sales growth was partially offset by unfavorable patient mix in XARELTO, which we anticipate continuing throughout the year, as well as a decrease in IMBRUVICA due to competitive pressures, partially offset by stocking dynamics in the U.S. Finally, it is worth noting distribution rights for REMICADE and SIMPONI in Europe will be returned in Q4.

在神經科學領域，份額成長和更多市場推出繼續推動 SPRAVATO 成長 72.0%。創新藥物總銷售額的成長被拜託(XARELTO) 不利的患者組合所部分抵消，我們預計這種情況將持續全年，以及IMBRUVICA 由於競爭壓力而下降，部分被美國的庫存動態所抵消。 ，值得注意的是分佈情況REMICADE 和 SIMPONI 在歐洲的版權將於第四季度歸還。

I'll now turn your attention to MedTech. Worldwide MedTech sales of $7.8 billion increased 6.3%, with growth in the U.S. of 6.6% and 6.1% outside of the U.S.

現在我將把你們的注意力轉向醫療科技。全球醫療科技銷售額達 78 億美元，成長 6.3%，其中美國成長 6.6%，美國以外成長 6.1%

In the quarter, Worldwide MedTech growth was negatively impacted by approximately 80 basis points due to fewer selling days, disproportionately impacting Orthopaedics.

本季度，由於銷售天數減少，全球醫療科技成長受到約 80 個基點的負面影響，對骨科的影響尤其嚴重。

In Cardiovascular, previously referred to as Interventional Solutions, Electrophysiology delivered double-digit growth of 25.9%, with strong growth in all regions. Performance was driven by global procedure growth, new product uptake, commercial execution and a one-time inventory build in Asia Pacific, impacting worldwide growth by approximately 370 basis points. In addition, Abiomed delivered growth of 15.0%, driven by continued strong adoption of Impella 5.5 and Impella RP technology.

在心血管（以前稱為介入解決方案）領域，電生理學實現了 25.9% 的兩位數增長，在所有地區均實現強勁增長。業績受到全球流程成長、新產品採用、商業執行和亞太地區一次性庫存建設的推動，影響全球成長約 370 個基點。此外，在 Impella 5.5 和 Impella RP 技術持續強勁採用的推動下，Abiomed 實現了 15.0% 的成長。

Orthopaedics growth of 4.8% includes a one-time revenue recognition timing change related to certain products across all platforms in the U.S., positively impacting worldwide growth by approximately 300 basis points. As a reminder, Orthopaedics was over-indexed by the impact of reduced selling days in the quarter. Strong performance in Hips and Knees was driven by procedure recovery, growth of new products and commercial execution, while Trauma and Spine were negatively impacted by competitive pressures, and Core Trauma was further impacted by weather-related softness in the U.S.

骨科業務 4.8% 的成長包括與美國所有平台上的某些產品相關的一次性收入確認時間變化，對全球成長產生了約 300 個基點的正面影響。提醒一下，由於本季銷售天數減少的影響，骨科指數過高。臀部和膝蓋的強勁表現受到手術恢復、新產品的成長和商業執行的推動，而創傷和脊椎則受到競爭壓力的負面影響，核心創傷進一步受到美國天氣相關疲軟的影響。

Growth of 1.9% in Surgery was driven primarily by procedure recovery and strength of our Biosurgery and Wound Closure portfolios, partially offset by competitive pressures in China volume-based procurement in Energy and Endocutters.

外科業務成長 1.9%，主要是由於我們的生物外科和傷口閉合產品組合的手術恢復和實力，部分被中國能源和內切刀批量採購的競爭壓力所抵消。

Contact Lenses declined 2.3% driven by U.S. stocking dynamics, partially offset by strong performance in ACUVUE OASYS 1-Day family of products. Worldwide growth was negatively impacted by 120 basis points due to the Blink divestiture in Q3 2023.

受美國庫存動態影響，隱形眼鏡下降 2.3%，但 ACUVUE OASYS 1-Day 系列產品的強勁表現部分抵消了下降。由於 2023 年第三季 Blink 剝離，全球成長受到 120 個基點的負面影響。

Surgical vision grew 1.1%, driven by TECNIS Eyhance, our monofocal intraocular lens, partially offset by China VBP.

在我們的單焦點人工水晶體 TECNIS Eyhance 的推動下，手術視力增加了 1.1%，但部分被中國 VBP 所抵消。

Now turning to our consolidated statement of earnings for the first quarter of 2024.

現在轉向我們 2024 年第一季的合併損益表。

I'd like to highlight a few noteworthy items that have changed compared to the same quarter of last year.

我想強調一些與去年同期相比發生變化的值得注意的項目。

Cost of products sold margin leveraged by 160 basis points, primarily driven by lower COVID-19 supply network-related exit costs.

產品銷售成本利潤率提高了 160 個基點，主要是由於與 COVID-19 供應網絡相關的退出成本降低。

Selling, marketing and administrative margins deleveraged 110 basis points, driven primarily by timing of marketing investment in the Innovative Medicine business.

銷售、行銷和管理利潤率去槓桿化了 110 個基點，這主要是受到創新藥物業務行銷投資時機的推動。

We continue to invest strategically in Research and Development at competitive levels, investing $3.5 billion or 16.6% of sales this quarter. We invested $2.9 billion or 21.4% of sales in Innovative Medicine, with the increase in investment being driven by continued pipeline progression. In MedTech, R&D investment was $0.6 billion or 8.3% of sales, a slight decrease driven by phasing.

我們繼續以具競爭力的水平對研發進行策略性投資，本季投資 35 億美元，佔銷售額的 16.6%。我們在創新醫學領域投資了 29 億美元，佔銷售額的 21.4%，投資的增加是由持續的管道開發所推動的。在醫療科技領域，研發投資為 6 億美元，佔銷售額的 8.3%，因分階段推動略有下降。

Interest income was $209 million in the first quarter of 2024 as compared to $14 million of expense in the first quarter of 2023. The increase in income was driven by a lower average debt balance and higher interest rates earned on cash balances.

2024 年第一季的利息收入為 2.09 億美元，而 2023 年第一季的支出為 1,400 萬美元。

Other Income and Expense was income of $322 million in the first quarter of 2024 compared to an expense of $6.9 billion in the first quarter of 2023. This change was primarily due to the $6.9 billion charge related to the talc settlement proposal recorded in the first quarter of 2023.

其他收入和支出2024 年第一季的收入為3.22 億美元，而2023 年第一季的支出為69 億美元。費用2023 年。

Regarding taxes in the quarter, our effective tax rate was 16.9% versus 61.8% in the same period last year, which was primarily driven by the tax benefit on the talc settlement proposal recorded in the first quarter of 2023.

關於本季的稅收，我們的有效稅率為 16.9%，而去年同期為 61.8%，這主要是由於 2023 年第一季記錄的滑石結算提案的稅收優惠所致。

Excluding special items, the effective tax rate was 16.5% versus 15.9% in the same period last year. I encourage you to review our upcoming first quarter 10-Q filing for additional details on specific tax-related matters.

不計特殊項目，實際稅率為16.5%，去年同期為15.9%。我鼓勵您查看我們即將發布的第一季 10-Q 備案文件，以了解有關特定稅務相關事項的更多詳細資訊。

Lastly, I'll direct your attention to the box section of the slide, where we have also provided our income before tax, net earnings and earnings per share adjusted to exclude the impact of intangible amortization expense and special items.

最後，我將引導您注意幻燈片的方框部分，其中我們還提供了調整後的稅前收入、淨利潤和每股收益，以排除無形攤銷費用和特殊項目的影響。

Now let's look at adjusted income before tax by segment.

現在讓我們按部門查看調整後的稅前收入。

In the first quarter of 2024, our adjusted income before tax for the enterprise as a percentage of sales increased from 36.1% to 36.8%, primarily driven by an increase in non-allocated interest income, with both Innovative Medicine and MedTech margins remaining relatively flat year-over-year. When comparing against the fourth quarter and full year 2023, Innovative Medicine and MedTech adjusted income before tax margins have improved.

2024年第一季度，我們調整後的企業稅前收入佔銷售額的比例從36.1%上升至36.8%，主要是由於非分配利息收入的增加，創新醫學和醫療科技的利潤率保持相對平穩一年又一年。與 2023 年第四季和全年相比，創新醫學和醫療科技調整後的稅前利潤有所改善。

This concludes the sales and earnings portion of the call. I'm now pleased to turn it over to Joe.

電話會議的銷售和收益部分到此結束。我現在很高興把它交給喬。

Thank you, Jessica. Hello, everyone. As you just heard, we are off to a solid financial start in 2024, complemented by sustained momentum within our Innovative Medicine and MedTech pipelines, marked by significant regulatory and clinical milestones.

謝謝你，潔西卡。大家好。正如您剛剛聽說的那樣，我們將在 2024 年實現穩健的財務開局，並輔以我們的創新醫學和醫療技術管道的持續發展勢頭，並取得重大的監管和臨床里程碑。

Before we delve into segment highlights from the quarter, I want to touch upon some important announcements that we made that will further enhance our competitive positioning.

在我們深入研究本季的細分市場亮點之前，我想先談談我們發布的一些重要公告，這些公告將進一步增強我們的競爭地位。

Earlier this month, we announced a definitive agreement to acquire Shockwave Medical. Johnson & Johnson has a long history of addressing cardiovascular disease through both our Innovative Medicine and MedTech businesses.

本月早些時候，我們宣布了收購 Shockwave Medical 的最終協議。強生公司在透過創新醫學和醫療科技業務解決心血管疾病方面有著悠久的歷史。

The acquisition of Shockwave with its leading intravascular lithotripsy, or IVL technology, will provide us with a unique opportunity to impact coronary artery and peripheral artery disease, two of the highest-growth, innovation-oriented segments within cardiovascular intervention. This addition is not only adjacent to our Other Cardiovascular businesses, but also consistent with our strategy of becoming a best-in-class MedTech company.

收購 Shockwave 及其領先的血管內碎石術（IVL 技術）將為我們提供獨特的機會來影響冠狀動脈和周邊動脈疾病，這是心血管介入領域中成長最快、以創新為導向的兩個領域。這項新增業務不僅與我們的其他心血管業務相鄰，也符合我們成為一流醫療科技公司的策略。

During the first quarter, we also expanded our Innovative Medicine portfolio with the completion of the Ambrx acquisition. With its promising pipeline and ADC platform, Ambrx will further strengthen our Oncology portfolio and ability to deliver enhanced precision biologics that treat cancer.

第一季度，我們也完成了對 Ambrx 的收購，擴大了我們的創新藥物組合。憑藉其前景廣闊的產品線和 ADC 平台，Ambrx 將進一步加強我們的腫瘤產品組合和提供增強的精準治療癌症生物製劑的能力。

Now I'll move to segment highlights from the quarter.

現在我將介紹本季的亮點。

As Jessica previously shared, our growth in Innovative Medicine continues to be driven by momentum from key brands and the adoption of new products. During the quarter, we hit several regulatory and clinical targets that are key to delivering longer-term growth.

正如傑西卡之前分享的那樣，我們在創新醫學領域的成長繼續受到主要品牌和新產品採用的推動。在本季度，我們實現了多項監管和臨床目標，這些目標對於實現長期成長至關重要。

Starting with Oncology. In multiple myeloma, we received FDA approval and a positive CHMP opinion for CARVYKTI for patients who have received at least one prior therapy, making it the only BCMA-targeting treatment available for patients in the second-line setting. We also received biweekly dosing approval from the FDA for TECVAYLI, the only approved BCMA targeting bispecific antibody that provides patients with dosing flexibility. And finally, we submitted an application to the EMA for regulatory approval for DARZALEX-based quadruple therapy and were granted U.S. priority review by the FDA.

從腫瘤學開始。在多發性骨髓瘤中，我們獲得了 FDA 的批准和 CHMP 對 CARVYKTI 對於既往至少接受過一種治療的患者的積極意見，使其成為二線患者唯一可用的 BCMA 標靶治療。我們還獲得了 FDA 對 TECVAYLI 的雙週劑量批准，這是唯一批准的 BCMA 靶向雙特異性抗體，可為患者提供劑量靈活性。最後，我們向 EMA 提交了基於 DARZALEX 的四聯療法的監管批准申請，並獲得了 FDA 的美國優先審查。

In addition, we made significant steps forward in the treatment of patients with EGFR-mutated non-small cell lung cancer.

此外，我們在 EGFR 突變非小細胞肺癌患者的治療方面取得了重大進展。

During the quarter, we received FDA approval for RYBREVANT in combination with chemotherapy for the first-line treatment of patients with locally advanced or metastatic non-small cell lung cancer with EGFR exon 20 insertion mutations. The approval was based on data from the Phase III PAPILLON study.

本季度，我們獲得 FDA 批准 RYBREVANT 聯合化療用於一線治療具有 EGFR 外顯子 20 插入突變的局部晚期或轉移性非小細胞肺癌患者。該批准基於 III 期 PAPILLON 研究的數據。

We also received priority review from the FDA and submitted a filing to the EMA for RYBREVANT in combination with lazertinib as a first-line treatment option for adult patients with locally advanced or metastatic EGFR mutation non-small cell lung cancer. The priority review and filing to the EMA are supported by data from the landmark Phase III MARIPOSA study.

我們也獲得了 FDA 的優先審查，並向 EMA 提交了 RYBREVANT 聯合 lazertinib 作為局部晚期或轉移性 EGFR 突變非小細胞肺癌成年患者一線治療選擇的申請。具有里程碑意義的 III 期 MARIPOSA 研究的數據支持了優先審查和向 EMA 提交的文件。

Turning to our Immunology portfolio. We submitted a supplemental biologics license application to the FDA seeking approval for TREMFYA in the treatment of adults with moderate to severe ulcerative colitis. We are looking forward to presenting data from the Phase III QUASAR study evaluating TREMFYA in patients with ulcerative colitis at Digestive Disease Week in May.

轉向我們的免疫學產品組合。我們向 FDA 提交了補充生物製劑許可申請，​​尋求批准 TREMFYA 用於治療成人中度至重度潰瘍性結腸炎。我們期待在 5 月的消化疾病週上展示評估 TREMFYA 對潰瘍性結腸炎患者的 III 期 QUASAR 研究的數據。

We also significantly advanced our pipeline with important data readouts, including positive top line results from the FRONTIER 2 study demonstrating JNJ-2113 as the first and only investigational targeted oral peptide that maintain skin clearance in moderate to severe plaque psoriasis through one year.

我們還透過重要的數據讀數顯著推進了我們的管道，包括FRONTIER 2 研究的積極頂線結果，證明JNJ-2113 是第一個也是唯一一個研究性靶向口服肽，可在一年內維持中度至重度斑塊狀乾癬的皮膚清除。

Nipocalimab also delivered positive top line results in Phase II and Phase III studies in adults with Sjogren's disease and myasthenia gravis, respectively. We also received FDA breakthrough designation in the treatment of HDFN, hemolytic disease of the fetus and newborn, and Fast Track designation for FNAIT, a rare and potentially fatal blood disorder in infants.

尼泊卡利單抗在成人乾燥症和重症肌無力的 II 期和 III 期研究中也分別取得了正面的頂線結果。我們還獲得了 FDA 在治療 HDFN（胎兒和新生兒溶血病）方面的突破性指定，以及 FNAIT（一種罕見且可能致命的嬰兒血液疾病）的快速通道指定。

Looking ahead, we expect upcoming data readouts for ERLEADA in localized prostate cancer as well as aticaprant and seltorexant in major depressive disorder. We also expect Phase II results for our combination therapy, JNJ-4804 in psoriatic arthritis as well as pivotal data from TAR-200 in non-muscle invasive bladder cancer, which will be presented at the American Urological Association Annual Meeting in May.

展望未來，我們預計 ERLEADA 治療局限性前列腺癌以及 atecaprant 和 seltorexant 治療重度憂鬱症的數據即將公佈。我們也期待聯合療法JNJ-4804 治療乾癬關節炎的II 期結果，以及TAR-200 治療非肌肉浸潤性膀胱癌的關鍵數據，這些數據將於5 月在美國泌尿外科協會年會上公佈。

Lastly, we're excited to present our Phase III TREMFYA Crohn's disease data as well as our sub-q data for RYBREVANT at upcoming medical meetings.

最後，我們很高興在即將召開的醫學會議上展示我們的 III 期 TREMFYA 克隆氏症數據以及 RYBREVANT 的 sub-q 數據。

In MedTech, notable highlights in the first quarter include significant advancements across our cardiovascular portfolio.

在醫療科技領域，第一季的顯著亮點包括我們心血管產品組合的重大進步。

In pulsed field ablation, we received CE Mark approval for VARIPULSE based on the 12-month inspIRE study, which demonstrated 80% of patients achieved freedom from recurrence and zero primary adverse events. We filed for U.S. approval of VARIPULSE based on the admIRE study, which showed all pilot phase patients achieved acute success and 80% remaining free from atrial arrhythmia reoccurrence after one year.

在脈衝場消融方面，基於 12 個月的 inspIRE 研究，我們的 VARIPULSE 獲得了 CE 標誌批准，該研究表明 80% 的患者實現了無復發且零主要不良事件。我們根據 admIRE 研究向美國申請了 VARIPULSE 的批准，該研究顯示所有試驗階段患者都取得了急性成功，並且 80%​​ 的患者在一年後沒有再次發生房性心律失常。

We also submitted a CE Mark filing for our Dual Energy SMARTTOUCH SF Catheter, which will provide physicians the optionality for RF and PFA energy sources in one catheter.

我們也提交了雙能量 SMARTTOUCH SF 導管的 CE 標誌申請，這將為醫生提供導管中射頻和 PFA 能源的選擇。

We began enrollment of patients in a pivotal trial evaluating Laminar's left atrial appendage elimination device to reduce the risk of stroke in patients with nonvalvular atrial fibrillation.

我們開始招募患者參加一項關鍵試驗，評估 Laminar 的左心耳消除裝置是否可以降低非瓣膜性心房顫動患者中風的風險。

And the late-breaking DanGer Shock study presented at the American College of Cardiology Conference and simultaneously published in the New England Journal of Medicine confirmed routine use of Abiomed's Impella CP in patients who have had a heart attack with STEMI cardiogenic shock reduced 180-day mortality by 12.7%.

在美國心臟學會會議上發表並同時發表在《新英格蘭醫學雜誌》上的最新DanGer Shock 研究證實，對患有STEMI 心因性休克的心臟病發作患者常規使用Abiomed 的Impella CP 可降低180 天死亡率12.7%。

In Vision, we launched TECNIS PureSee, a next-generation presbyopia correcting lens for cataract patients in EMEA. We also presented new data for our presbyopia correcting IOL, TECNIS Odyssey, at the 2024 American Society of Cataract and Refractive Surgery in April.

在 Vision 領域，我們推出了 TECNIS PureSee，這是一款針對 EMEA 地區白內障患者的新一代老花眼矯正鏡片。我們也在 4 月的 2024 年美國白內障和屈光手術學會上展示了我們的老花眼矯正人工水晶體 TECNIS Odyssey 的新數據。

Looking ahead, we will continue to advance our Electrophysiology pipeline with the full U.S. market release of the QDOT MICRO catheter, the U.S. commercial launch of Abiomed's Impella RP Flex with SmartAssist as well as the submission of Impella ECP. Within our robotic surgery pipeline, we are on track to submit an investigational device exemption to the FDA for OTTAVA in the second half of 2024.

展望未來，我們將繼續推進我們的電生理學產品線，在美國市場全面發布 QDOT MICRO 導管、在美國商業推出帶有 SmartAssist 的 Abiomed 的 Impella RP Flex 以及提交 Impella ECP。在我們的機器人手術管道中，我們預計在 2024 年下半年向 FDA 提交 OTTAVA 的研究設備豁免。

Turning to financials, starting with cash and capital allocation. We ended the first quarter with $26.2 billion of cash and marketable securities and $33.6 billion of debt for a net debt position of $7.4 billion.

轉向財務，從現金和資本配置開始。第一季末，我們擁有 262 億美元的現金和有價證券以及 336 億美元的債務，淨債務部位為 74 億美元。

We are pleased with our free cash flow generation in the first quarter of approximately $3 billion. This was above the first quarter of 2023, which included the consumer health business cash flow. Also in the first quarter of 2024, we incurred elevated payment levels made in furtherance of achieving a responsible, final and comprehensive resolution of the talc litigation.

我們對第一季約 30 億美元的自由現金流感到滿意。這高於 2023 年第一季度，其中包括消費者健康業務現金流。同樣在 2024 年第一季度，我們提高了付款水平，以促進滑石粉訴訟得到負責任、最終和全面的解決。

We continue to maintain a healthy balance sheet and strong credit rating, underscoring the strength of Johnson & Johnson's financial position and ability to execute against our capital allocation priorities.

我們繼續保持健康的資產負債表和強大的信用評級，突顯強生公司的財務狀況和執行資本配置優先事項的能力。

Innovation continues to be a main priority for the company, as demonstrated by our industry-leading R&D spend. During the first quarter, we invested more than $3.5 billion in research and development or 16.6% of sales.

創新仍然是公司的首要任務，我們在業界領先的研發支出就證明了這一點。第一季度，我們在研發方面的投資超過 35 億美元，佔銷售額的 16.6%。

We also remain committed to returning capital directly to shareholders through our dividend. We appreciate the value our investors place on the dividend, and we were pleased to announce this morning that our Board of Directors has authorized a 4.2% increase, marking our 62nd consecutive year of dividend increases.

我們也仍然致力於透過股利將資本直接返還給股東。我們讚賞投資者對股息的重視，今天早上我們很高興地宣布，董事會已批准將股息增加 4.2%，這標誌著我們連續 62 年增加股息。

As we stated previously, we are disciplined in our approach to inorganic growth and prioritize acquisitions that strategically fit and present meaningful long-term growth opportunities. This is evidenced by the pending transaction in which we are adding a profitable, commercialized portfolio of Shockwave Technologies in high-growth markets as well as a robust pipeline.

正如我們之前所說，我們在無機成長方面遵守紀律，並優先考慮策略上適合併能帶來有意義的長期成長機會的收購。懸而未決的交易證明了這一點，在該交易中，我們將在高成長市場中增加 Shockwave Technologies 的盈利、商業化產品組合以及強大的產品線。

I'll now discuss our full year 2024 guidance, which excludes the recently announced acquisition of Shockwave. As previously communicated, we assume the closing of the transaction will take place by mid-year 2024, at which time we will update our guidance to reflect the expected dilution to adjusted earnings per share in 2024 of approximately $0.10 per share driven by financing costs.

我現在將討論我們的 2024 年全年指引，其中不包括最近宣布的 Shockwave 收購。正如之前所傳達的，我們假設交易將於 2024 年年中完成，屆時我們將更新我們的指引，以反映融資成本驅動的 2024 年調整後每股收益預計稀釋約 0.10 美元。

Based on the results delivered in the first quarter, we are tightening our ranges and increasing the mid-points for our full year operational sales and adjusted operational EPS guidance. As such, we expect operational sales growth for the full year to be in the range of 5.5% to 6.0% or $88.7 billion to $89.1 billion, increasing the midpoint by $300 million or 0.3%. As a reminder, our sales guidance continues to exclude any impact from COVID-19 vaccine sales.

根據第一季交付的業績，我們正在收緊我們的範圍，並提高全年營運銷售額和調整後的營運每股收益指引的中點。因此，我們預計全年營運銷售額成長將在 5.5% 至 6.0% 之間，即 887 億美元至 891 億美元之間，中點增加 3 億美元或 0.3%。提醒一下，我們的銷售指南繼續排除 COVID-19 疫苗銷售的任何影響。

As you know, we don't speculate on future currency movements. Last quarter, we utilized the Euro spot rate relative to the U.S. dollar of 1.09. As of last week, the Euro spot rate was 1.08, a modest strengthening of the U.S. Dollar also experienced by a handful of other currencies. As a result, we now estimate a negative full year foreign currency impact of $700 million, resulting in an estimated reported sales growth between 4.7% to 5.2% compared to 2023, with a midpoint of $88.2 billion or 5% at the midpoint, consistent with last quarter's guidance.

如您所知，我們不會推測未來的貨幣走勢。上季度，我們使用的歐元兌美元即期匯率為 1.09。截至上週，歐元即期匯率為 1.08，美元小幅走強，少數其他貨幣也經歷了這種情況。因此，我們現在估計全年外匯負面影響為7 億美元，導致與2023 年相比，估計報告的銷售額增長在4.7% 至5.2% 之間，中點為882 億美元，即中點5%，與上季的指導。

We are maintaining other elements of our guidance provided on January's earnings call with the exception of 2 items. We are increasing interest income to a range of $550 million to $650 million. We are also tightening the range of our adjusted operational earnings per share guidance to $10.60 to $10.75, increasing the midpoint by $0.03 to $10.68, reflecting year-on-year growth of 7.7%.

除 2 項外，我們維持 1 月財報電話會議上提供的指導的其他內容。我們正在將利息收入增加到 5.5 億至 6.5 億美元。我們還將調整後每股營運收益指引範圍收緊至 10.60 美元至 10.75 美元，中點上調 0.03 美元至 10.68 美元，年增 7.7%。

While not predicting the impact of currency movements, utilizing the recent exchange rates I previously referenced, our reported adjusted earnings per share for the year estimates a negative foreign exchange impact of $0.03 per share. As a result, the reported adjusted earnings per share remains unchanged at $10.65, reflecting 7.4% growth versus 2023.

雖然沒有預測貨幣變動的影響，但利用我之前提到的最新匯率，我們報告的今年調整後每股盈餘估計外匯匯率的負面影響為每股 0.03 美元。因此，報告的調整後每股收益保持在 10.65 美元不變，較 2023 年增長 7.4%。

While we do not provide guidance by segment or on a quarterly basis, we continue to expect that the same qualitative considerations provided during January's earnings call to remain intact.

雖然我們不按細分市場或按季度提供指導，但我們仍然預計一月份的財報電話會議期間提供的相同定性考慮因素將保持不變。

We anticipate Innovative Medicine sales growth to be slightly stronger in the first half of the year compared to the second half given the anticipated entry of STELARA biosimilars in Europe mid-year. For MedTech, we expect operational sales growth to be relatively consistent throughout the year.

鑑於 STELARA 生物相似藥預計年中進入歐洲，我們預計上半年創新藥物銷售成長將略強於下半年。對於醫療科技而言，我們預計全年營運銷售成長將相對穩定。

Looking ahead, we have many important catalysts in the pipeline that will drive meaningful near- and long-term growth across both Innovative Medicine and MedTech. We look forward to advancing our pipelines in both segments to deliver innovative treatments, solving some of the most complex health challenges.

展望未來，我們正在醞釀許多重要的催化劑，這些催化劑將推動創新醫學和醫療技術領域的近期和長期有意義的成長。我們期待著推進我們在這兩個領域的產品線，以提供創新的治療方法，解決一些最複雜的健康挑戰。

This wouldn't be possible without our employees around the world, so it's only appropriate, before turning to your questions, that we recognize and thank our colleagues for their continued hard work, commitment and dedication to patients.

如果沒有我們世界各地的員工，這是不可能實現的，因此，在回答您的問題之前，我們必須承認並感謝我們的同事對患者的持續辛勤工作、承諾和奉獻。

I'm pleased to be joined by Joaquin, Jennifer, John and Tim for the Q&A and kindly ask Kevin to provide instructions to initiate that portion of the call.

我很高興華金、珍妮佛、約翰和提姆加入問答環節，並請凱文提供啟動該部分通話的說明。

(Operator Instructions) Our first question today is coming from Terence Flynn from Morgan Stanley.

（操作員指令）我們今天的第一個問題來自摩根士丹利的特倫斯·弗林。

Great. Maybe just a 2-part on myeloma. First, on CARVYKTI, was just wondering if you could elaborate on the phasing comments that impacted sales in the quarter.

偉大的。也許只是關於骨髓瘤的兩個部分。首先，關於 CARVYKTI，我只是想知道您是否可以詳細說明影響本季銷售的分階段評論。

And then secondly, on TECVAYLI, how should we think about growth for this product? It looks like it's been somewhat flattish over the last couple of quarters, but just wondering if TALVEY had an impact there. So as we think about those franchises back half of this year, maybe you could provide some high-level commentary.

其次，對於 TECVAYLI，我們該如何考慮該產品的成長？看起來過去幾季的表現有些平淡，但只是想知道 TALVEY 是否對此產生了影響。因此，當我們在今年下半年思考這些特許經營權時，也許您可以提供一些高水準的評論。

Thank you, Terence, for your question. And before we go into the specifics of your question on CARVYKTI and TECVAYLI and TALVEY, our multiple myeloma franchise, let me share with all of you some reflections on this quarter.

謝謝特倫斯的提問。在我們詳細討論您關於 CARVYKTI 、 TECVAYLI 和 TALVEY （我們的多發性骨髓瘤專營權）的問題之前，讓我與大家分享一些對本季度的思考。

We are entering 2024 in a position of strength, and I'm particularly encouraged on the performance of our strategic platforms, the ones that are going to drive growth in the second half of the decade. In Innovative Medicines, DARZALEX, TREMFYA, ERLEADA all grew over 20%. And specifically on TREMFYA, now we have more sales in our psoriasis and psoriatic arthritic indications than we do with STELARA. And we have high expectations for the brand with ulcerative colitis data to be presented at the Digestive Disease Week just a few weeks from now and also data on Crohn's disease to be presented also this year.

進入 2024 年，我們處於強勢地位，我對我們策略平台的表現感到特別鼓舞，這些平台將在這個十年的後半段推動成長。創新藥物方面，DARZALEX、TREMFYA、ERLEADA 成長均超過 20%。特別是 TREMFYA，現在我們在銀屑病和銀屑病關節炎適應症的銷售額比 STELARA 的銷售額還要多。我們對該品牌寄予厚望，該品牌將在幾週後的消化疾病週上公佈潰瘍性結腸炎數據，今年也將公佈克羅恩病數據。

We continue to see increased demand from our new product launches, SPRAVATO, TECVAYLI, TALVEY, CARVYKTI, with CARVYKTI just a few weeks ago receiving FDA approval to move into the second line setting.

我們繼續看到我們的新產品 SPRAVATO、TECVAYLI、TALVEY、CARVYKTI 的需求不斷增加，而 CARVYKTI 就在幾週前獲得 FDA 批准進入二線環境。

Now let me move into MedTech. We have demonstrated a strong performance across Cardiovascular, in Electrophysiology and Abiomed, and we have made significant progress with our PFA ortfolio. We also have delivered several important capital allocation milestones in Q1, investing heavily in R&D, raising our dividend for the 62nd consecutive year, closing the Ambrx acquisition and announcing the planned acquisition of Shockwave Medical. As you have heard from Joe in his prepared remarks, we continue to make progress on achieving responsible, final and comprehensive resolution of the talc litigation.

現在讓我進入醫療科技領域。我們在心血管、電生理學和 Abiomed 領域表現出了強勁的表現，而我們的 PFA 產品組合也取得了重大進展。我們也在第一季實現了幾個重要的資本配置里程碑，大力投資研發、連續 62 年提高股息、完成對 Ambrx 的收購併宣布計劃收購 Shockwave Medical。正如您在喬在準備好的演講中聽到的那樣，我們在實現滑石粉訴訟的負責任、最終和全面解決方面繼續取得進展。

Overall, I'm proud of the performance in the quarter, both in terms of the solid financial, but also the numerous pipeline advancements. It is a solid start of the year that puts us in a position of strength for 2024. And also, the sustained progress gives us give me great confidence in achieving our long-term growth goals of operational sales compounded annual growth rate of 5% to 7% from 2025 to 2030.

總的來說，我對本季的表現感到自豪，無論是在穩健的財務方面，還是在眾多管道方面的進步。這是今年的一個堅實的開端，使我們在 2024 年處於有利地位。年增長7%。

Overall, it gives me great confidence in the future of Johnson & Johnson. Now to Jennifer on your question, Terence, on CARVYKTI, TECVAYLI and TALVEY.

總的來說，這讓我對強生的未來充滿信心。現在請 Jennifer 回答您關於 CARVYKTI、TECVAYLI 和 TALVEY 的問題。

Well, thanks, Joaquin. Just also a quick shout-out and a big thanks to our Innovative Medicine colleagues around the world, delivering 8.3% adjusted operational growth, definitely above-market growth for the quarter, with strength being really across our core launch -- our core and launch brands, 9 brands, achieving double-digit growth, 10 actually, if you include TALVEY in that mix, a strong pipeline progress that Joaquin noted and also the announcement and closing of our acquisition of Ambrx really to add key -- another key pipeline asset for us as well as key technology that can help us in ADC. So really strong quarter all the way around.

好吧，謝謝，華金。也要對我們世界各地的創新醫學同事表示衷心的感謝，他們實現了8.3% 的調整後營運成長，絕對高於本季的市場成長，我們的核心產品的實力確實很強——我們的核心產品和產品品牌，9 個品牌，實現兩位數增長，實際上是10 個，如果你將TALVEY 納入其中，Joaquin 指出的一個強勁的產品線進展，以及我們宣布和完成對Ambrx 的收購，確實增加了關鍵——另一個關鍵的產品線資產對我們來說以及可以在 ADC 方面幫助我們的關鍵技術。所以整個季度都非常強勁。

With respect to your question specifically in multiple myeloma and then CARVYKTI and TALVEY, multiple myeloma continues to be a true stronghold for us, and we had significant performance in growth across the board in those assets during the quarter.

關於您特別針對多發性骨髓瘤以及 CARVYKTI 和 TALVEY 的問題，多發性骨髓瘤仍然是我們真正的堡壘，本季度我們在這些資產的全面增長方面取得了顯著的業績。

I can start off real quickly with DARZALEX with 21.0% growth, predominantly with that growth coming in the frontline setting and also was noted that with -- our PERSEUS data has been filed, which will offer us an additional expansion in frontline.

我可以很快地從 DARZALEX 開始，實現 21.0% 的成長，主要是在前線環境中實現成長，並且還注意到，我們的 PERSEUS 數據已經歸檔，這將為我們在前線提供額外的擴展。

For CARVYKTI, we had over 100% growth versus the first quarter of 2023. Very, very strong demand. We did have both the AdCom in the United States, which results in a unanimous recommendation for approval and then the, subsequent to the end of the quarter, approval of CARVYKTI for that line 2 plus, which we think bodes very well.

對於 CARVYKTI，與 2023 年第一季相比，我們的成長超過 100%。我們確實在美國獲得了 AdCom，這導致了一致建議批准，然後在本季度末之後，CARVYKTI 批准了該系列 2 plus，我們認為這是一個很好的兆頭。

I know there's always questions on how are we doing and how are we expanding our capacity given the strengths of the data and the additional data that's coming through in indications. I'm real happy to say, we have doubled our manufacturing capacity since the beginning of 2023. For cell processing, we are continuing to work on our Ghent facility to have that as a secondary source of supply. We brought on some contract manufacturers, and we have completely transformed and expanded lentivirus production so that, that's not a rate-limiting step for us.

我知道，鑑於數據的優勢和跡像中出現的其他數據，人們總是對我們做得如何以及我們如何擴大我們的能力提出疑問。我很高興地說，自 2023 年初以來，我們的製造能力已增加了一倍。我們引進了一些合約製造商，我們已經徹底改造和擴大了慢病毒的生產，所以這對我們來說不是一個限制速度的步驟。

So I know we were a flat -- roughly flat quarter-to-quarter from 4Q to 1Q. As noted, that really just was some phasing and timing of orders. And when they were actually delivered and built for nothing that -- anything to really see there. We do anticipate continued growth for this asset, particularly second half versus first half, as we continue to add more slots and expand our capacity. And based on the data and everything that we're seeing, we've continued to have a lot of optimism for how CARVYKTI is performing.

所以我知道我們的業績持平——從第四季到第一季度，每季的業績大致持平。如前所述，這實際上只是訂單的一些階段和時間安排。當它們真正交付和建造時，任何東西都可以在那裡真正看到。我們確實預計該資產將持續成長，特別是下半年與上半年相比，因為我們將繼續增加更多的航班時刻並擴大我們的產能。根據數據和我們所看到的一切，我們對 CARVYKTI 的表現仍然非常樂觀。

Likewise, as it relates to TECVAYLI, the TECVAYLI launch is going very well around the world. Consistently, we're seeing very strong uptake and rapid adoption, whether we're in the U.S., Germany, Austria, France, the major markets that have launched to date. And really, as the first we believe best-in-class off-the-shelf BCMA bispecific, we really believe that, that therapy is offering deep and durable responses. And so a lot of optimism for continuing to drive the launch there. The product is performing well in the later line settings and is also performing very well from a competitive standpoint.

同樣，就 TECVAYLI 而言，TECVAYLI 的推出在全球進展順利。無論是在美國、德國、奧地利、法國或迄今為止推出的主要市場，我們都看到了非常強勁的吸收和快速採用。事實上，作為我們所相信的第一個同類最佳的現成 BCMA 雙特異性療法，我們確實相信該療法能夠提供深入而持久的反應。因此，人們對繼續推動在那裡的發布抱持著很大的樂觀情緒。該產品在後期的生產線設置中表現良好，從競爭的角度來看也表現得非常好。

And last but not least is actually TALVEY, which is our 10th product with double-digit growth, although that falls in the all other oncology category, so we're not fully breaking that out yet. But very, very strong uptake as the first and only GPRC5D off-the-shelf by bispecific as well.

最後但並非最不重要的實際上是 TALVEY，這是我們第 10 個實現兩位數增長的產品，儘管它屬於所有其他腫瘤學類別，所以我們還沒有完全打破這一點。但作為第一個也是唯一一個雙特異性抗體體現的 GPRC5D，它的吸收也非常非常強烈。

So I think what this really means is we have got fabulous opportunities across lines of therapy with what we believe are truly best-in-class agents, and many of these agents have potential as well to be combined as we work towards curing multiple myeloma. So a significant business for us, and I'm very positive on our outlook for the rest of the year and going forward.

因此，我認為這真正意味著我們在跨領域的治療中獲得了絕佳的機會，我們認為這些藥物是真正一流的藥物，並且在我們努力治愈多發性骨髓瘤的過程中，許多這些藥物也有潛力進行組合。因此，這對我們來說是一項重要的業務，我對今年剩餘時間和未來的前景非常樂觀。

Our next question is coming from Larry Biegelsen from Wells Fargo.

我們的下一個問題來自富國銀行的拉里·比格爾森。

A question for Tim. Your MedTech business grew 6.5% on an adjusted operational basis in Q1, but there were a number of onetime items. What was the net impact from those one-time items in your view? And what are you seeing around the world from a procedure standpoint? And what are your expectations for the rest of the year?

問蒂姆一個問題。您的醫療科技業務在第一季調整後的營運基礎上成長了 6.5%，但有許多一次性專案。您認為這些一次性項目的淨影響是什麼？從程式的角度來看，您在世界各地看到了什麼？您對今年剩餘時間有何期望？

Well, thank you for the question, Larry. And let me maybe just reflect a little on the journey that we've been on. As you know, we surpassed $30 billion last year with adjusted operational growth of 7.8%. And I think it's important to note that when we compare ourselves against the majority of the competitors within our competitive composite, we are double their size. So that is performance that we are particularly proud of.

好吧，謝謝你的提問，拉里。也許讓我回顧一下我們所經歷的旅程。如您所知，去年我們的營業收入超過 300 億美元，調整後的營運成長率為 7.8%。我認為值得注意的是，當我們將自己與競爭組合中的大多數競爭對手進行比較時，我們的規模是他們的兩倍。這就是我們特別引以為傲的表現。

We've now followed that up with another solid quarter of 6.3% growth in the first quarter. Now, Larry, to your point, there has been some noise in that. We are particularly proud of the tremendous double-digit growth within our electrophysiology business. And to put that in context, this is a business that is nearing on $5 billion, growing north of 20.0%.

現在，我們在第一季又實現了 6.3% 的穩健成長。拉里，就你的觀點而言，這方面存在一些噪音。我們對電生理學業務實現兩位數的巨大成長感到特別自豪。綜合來看，這是一項價值接近 50 億美元的業務，成長超過 20.0%。

And I think that really called out the leadership position, which we're continuing to build on and couldn't be more excited about the progress we're making in PFA, which we believe also will continue to drive that performance.

我認為這確實凸顯了我們的領導地位，我們正在繼續鞏固這一地位，並且對我們在 PFA 方面取得的進展感到無比興奮，我們相信這也將繼續推動這一業績。

There has been some noise specifically in relation to our Vision business. But please rest assured, we are extremely confident in the underlying health of our Vision portfolio. This is a business that grew 6.6% last year, and we expect it to grow in high single-digit performance this year.

特別是與我們的願景業務相關的一些噪音。但請放心，我們對我們的願景投資組合的基本健康狀況非常有信心。該業務去年成長了 6.6%，我們預計今年其業績將實現高個位數成長。

There has been some stocking issues related to distributor inventory, which was the predominant driver of the performance you see this year. But once again, very confident that we'll see that return to strong single-digit performance for the remainder of the year.

存在一些與經銷商庫存相關的庫存問題，這是今年業績的主要驅動因素。但我們再次非常有信心，我們將看到今年剩餘時間恢復到強勁的個位數表現。

There had been a couple of one-timers, both in terms of selling days, as we mentioned earlier, about 80 bps of selling days and then a revenue recognition change within our Orthopaedics business, which impacted that business about 300 basis points. But all in all, a strong quarter, Larry, and we remain very committed to strong high single-digit growth for the remainder of the year for 2024.

正如我們之前提到的，在銷售天數方面，曾有過幾次一次性的情況，銷售天數下降了約80 個基點，然後我們的骨科業務收入確認發生了變化，這對該業務產生了約300個基點的影響。但總而言之，拉里，這是一個強勁的季度，我們仍然非常致力於在 2024 年剩餘時間內實現強勁的個位數高成長。

Larry, I just want to maybe add on to Tim's good comments there. The one-timers, there was tailwinds and headwinds in that number. So the 6.3% that you're seeing, the 6.5%, is pretty much a true number when you consider both sides of the equation.

拉里，我只是想補充蒂姆的好評論。對於一次性的人來說，這個數字有順風也有逆風。因此，當您考慮等式兩邊時，您看到的 6.3%、6.5% 幾乎是一個真實的數字。

Our next question is coming from Chris Schott from JPMorgan.

我們的下一個問題來自摩根大通的克里斯·肖特。

I just have a BD question here. I guess, following the Shockwave acquisition, what's the appetite, I guess, for further away? Maybe talk about like larger tuck-in type transactions, either in your MedTech or Pharma business.

我這裡只是有一個 BD 問題。我想，在收購 Shockwave 之後，對更遠的領域的興趣是什麼？也許可以談論更大的塞入式交易，無論是在您的醫療科技還是製藥業務中。

It just seems like the portfolio and the pipeline at J&J has evolved pretty nicely over the past few years. And I'm interested if you think the business is now at a point where we can think about maybe smaller earlier-stage assets as the primary focus for BD. Or do you still have a greater sense of urgency either in MedTech or Pharma to add some of these kind of bolt-on type transactions going forward?

過去幾年，強生的產品組合和產品線似乎發展得相當不錯。如果您認為業務現在處於這樣一個階段，我們很感興趣，我們可以考慮將較小的早期資產作為 BD 的主要關注點。或者您在醫療科技或製藥領域是否仍然有更大的緊迫感，需要在未來添加一些此類附加類型的交易？

Thank you, Chris, and this is Joaquin. And I'm glad that you recognize the strategic consistency of our M&A trajectory, and that's good. Our M&A strategy looks for the long term, so it's not going to change.

謝謝你，克里斯，這是華金。我很高興您認識到我們併購軌蹟的策略一致性，這很好。我們的併購策略著眼於長期，因此不會改變。

Our capital allocation strategy will continue to be disciplined. And M&A, it's going to be -- remain a critical component of that. And it's important for me to underline that with the strength of our cash flow and our balance sheet, we have significant flexibility to consider multiple types of transactions, as you mentioned.

我們的資本配置策略將持續嚴格。併購仍將是其中的關鍵組成部分。對我來說，重要的是要強調，正如您所提到的，憑藉我們強大的現金流和資產負債表，我們可以靈活地考慮多種類型的交易。

And what we have done so far is a demonstration of that with Abiomed, Laminar, Ambrx, and now the planned acquisition of Shockwave. All of them are good examples of our strategic consistency and the principles that we have outlined to you. So that is not going to change. Our M&A strategy is not going to change.

到目前為止，我們已經透過 Abiomed、Laminar、Ambrx 以及現在計劃收購的 Shockwave 進行了演示。所有這些都是我們策略一致性和我們向您概述的原則的好例子。所以這不會改變。我們的併購策略不會改變。

We'll continue to evaluate opportunities agnostic to the sector and size. And what we are looking for, it's a number of components. One, does this technology improve the current standard of care? That's critical for us. To what extent we believe there is a patient impact, which is positive. Number two, does it -- is it consistent with the capabilities and knowledge that we have in-house? We see a correlation between that and the success in the acquisitions. Number three, does it enable us to enter into higher growth markets, so areas that are growing in which we can continue to develop that market? And finally, and very important for us, does it continue to deliver a compelling financial result for our shareholders?

我們將繼續評估與行業和規模無關的機會。我們正在尋找的是許多組件。第一，這項技術是否提高了目前的照護標準？這對我們來說至關重要。我們認為這對患者有多大程度的影響，這是正面的。第二，它與我們內在擁有的能力和知識一致嗎？我們看到這與收購的成功之間存在相關性。第三，它是否使我們能夠進入更高成長的市場，以及我們可以繼續開發該市場的成長領域？最後，對我們來說非常重要的是，它是否繼續為我們的股東帶來令人信服的財務表現？

So that's our M&A strategy, and it's been a cornerstone of our ability to create value. I am glad that you recognize the consistency that we have deployed, and it's not going to change looking into the future. When we think about M&A, we think in decades. We don't think opportunistically.

這就是我們的併購策略，也是我們創造價值能力的基石。我很高興您認識到我們所部署的一致性，並且展望未來它不會改變。當我們考慮併購時，我們會考慮幾十年。我們不會機會主義地思考。

Our next question is coming from Joanne Wuensch from Citibank.

我們的下一個問題來自花旗銀行的 Joanne Wuensch。

Can we circle back to Vision Care, please? And can we unpack the different parts that are positive and negatives on the IOL and the contact lens business?

我們可以回到視力保健嗎？我們能否分析一下人工水晶體和隱形眼鏡業務的積極和消極的不同部分？

Of course, Joanne. Thank you for bringing this up because it is -- it does look odd and certainly isn't consistent with our expectations or the performance that we expect going forward from that business. As I mentioned earlier, this is a business that grew 6.6% in 2023 and actually consistently grows in high single digits.

當然，喬安妮。感謝您提出這個問題，因為它看起來確實很奇怪，而且肯定不符合我們的預期或我們對該業務未來的預期表現。正如我之前提到的，這項業務在 2023 年成長了 6.6%，而且實際上一直保持高個位數成長。

We absolutely believe in the underlying health of our Vision business and that remains strong and continues to perform above market. As I mentioned earlier, the Q1 performance was predominantly driven by a contraction of U.S. distributor inventory in contact lens.

我們絕對相信我們的願景業務的基本健康狀況，並且仍然強勁並繼續高於市場表現。正如我之前提到的，第一季的業績主要是由美國分銷商隱形眼鏡庫存的收縮所推動的。

As we have mentioned in the past, we had some variability in terms of our supply, which resulted in changes within distributor inventory. We've now started to see that. As our supply for contact lenses has stabilized, we've started to see a normalization of the inventory that our distributors are carrying on hand. And so that is the big driver in the results that you see today.

正如我們過去提到的，我們的供應存在一些變化，這導致經銷商庫存發生變化。我們現在已經開始看到這一點。隨著我們的隱形眼鏡供應趨於穩定，我們開始看到經銷商現有庫存的正常化。這就是您今天看到的結果的重要推動因素。

As you know, in contact lens, this is an annuity business where it's all about how you gain your fair share of new users while, at the same time, protecting the base. We are incredibly pleased with the ongoing performance of our premium ACUVUE OASYS 1-Day family, and we are seeing unprecedented share gains in multifocal.

如您所知，在隱形眼鏡領域，這是一項年金業務，關鍵在於如何獲得公平的新用戶份額，同時保護基礎。我們對我們的優質 ACUVUE OASYS 1-Day 系列的持續表現感到非常滿意，並且我們看到多焦點市場的份額出現了前所未有的增長。

I will also say that if we look at sequential share gains across the contact lens business, we are seeing sequential gains, which should bode well for continued performance for the remainder of the year.

我還要說，如果我們看看隱形眼鏡業務的連續份額成長，我們會看到連續成長，這對於今年剩餘時間的持續業績來說是個好兆頭。

Specifically to IOLs, as you know, we are not currently a market leader, but we are expecting to deliver the fourth consecutive year of global share gains, driven primarily by tremendous performances of our IOL business in Asia-Pac and in EMEA.

具體到人工水晶體方面，如您所知，我們目前並不是市場領導者，但我們預計將連續第四年實現全球份額成長，這主要得益於我們人工水晶體業務在亞太地區和歐洲、中東和非洲地區的巨大業績。

We're also excited, as you heard from Jess earlier, by the limited market release of our TECNIS PureSee and Odyssey next-gen multifocals, and we'll see a full release occur through the remainder of the year.

正如您之前從 Jess 那裡聽到的那樣，我們對 TECNIS PureSee 和 Odyssey 下一代多焦眼鏡的有限市場發布感到非常興奮，我們將在今年剩餘時間內看到全面發布。

So once again, very confident that you will see tremendous improvement in the performance of that business, and we expect high single-digit growth for Vision for 2024.

因此，我們再次非常有信心您將看到該業務業績的巨大改善，我們預計 2024 年 Vision 將實現高個位數成長。

Your next question is coming from Chris Shibutani from Goldman Sachs.

你們的下一個問題來自高盛的 Chris Shibutani。

Great. If I could ask about the Pulmonary Hypertension business. This quarter, quite strong. You mentioned, in particular, share gains and favorable patient mix. If you could help us understand that a little bit better.

偉大的。我可以問一下肺動脈高壓業務嗎？這個季度，相當強勁。您特別提到了分享收益和有利的患者組合。如果您能幫助我們更好地理解這一點。

And then on the forward, the Pulmonary Arterial Hypertension segment is anticipated to see some disruption with the introduction of the recently approved product from Merck, WINREVAIR. Can you comment on what you're thinking the portfolio will perform and how that market will respond to this anticipated shift?

接下來，隨著默克公司最近批准的產品 WINREVAIR 的推出，預計肺動脈高壓領域將出現一些混亂。您能否評論一下您認為該投資組合將表現如何以及市場將如何應對這一預期的轉變？

Chris, it's Jennifer. So yes, we're really pleased with our Pulmonary Hypertension results for the first quarter, with both OPSUMIT and UPTRAVI delivering strong growth. That was both volume and share gains in the market as well as some favorable patient mix and really rounding out a year of favorable patient mix. That last piece, we don't see continuing to go forward to the same degree. But the products are performing very well for patients with PAH.

克里斯，這是珍妮佛。所以，是的，我們對第一季的肺動脈高壓結果非常滿意，OPSUMIT 和 UPTRAVI 都實現了強勁成長。這既是市場數量和份額的增長，也是一些有利的患者組合，真正使這一年的有利患者組合更加圓滿。最後一塊，我們認為不會繼續以同樣的程度前進。但這些產品對於 PAH 患者來說效果非常好。

Importantly, in the quarter, we got approval for OPSYNVI, which is the first combination tablet of PDE5 and an ERA. This is in line with guidelines. It's really once a patient is diagnosed, really, the right first choice for them is to start them on combination therapy. And so we think that this is an important introduction.

重要的是，在本季度，我們獲得了 OPSYNVI 的批准，這是第一款 PDE5 和 ERA 的組合片劑。這符合指導方針。事實上，一旦患者被確診，他們正確的第一選擇就是開始合併治療。所以我們認為這是一個重要的介紹。

And as we take a look at our portfolio, and even despite other new competitors that are coming in, we do believe with OPSUMIT and UPTRAVI, they've got very strong usage and both with the launch of OPSYNVI as well as what we have, that these will continue to be really productive assets and a good therapeutic area for us.

當我們審視我們的產品組合時，即使有其他新競爭對手加入，我們仍然相信 OPSUMIT 和 UPTRAVI，它們的使用率非常高，無論是 OPSYNVI 的推出還是我們擁有的產品，這些將繼續成為我們真正的生產性資產和良好的治療領域。

Next question is coming from Danielle Antalffy from UBS.

下一個問題來自瑞銀 (UBS) 的丹妮爾·安塔菲 (Danielle Antalffy)。

Tim, if I could just follow up on MedTech and specifically Orthopaedics, and appreciate the onetime revenue recognition, not sure you can provide any color on exactly what changed there. But also you talked about consistent MedTech growth going forward. I mean, taking -- backing that out, you get to sort of 3% U.S. Orthopaedic sales growth.

提姆，如果我能跟進醫療科技，特別是骨科，並欣賞一次性的收入認可，不確定你能否提供任何關於那裡到底發生了什麼變化的信息。但您也談到了未來醫療技術的持續成長。我的意思是，考慮到這一點，美國骨科銷售額將成長 3%。

Is that the right way to think about that specific segment going forward? Or am I missing some onetime tailwinds? Maybe talk a little bit about the outlook for Ortho given what you guys put up this quarter.

這是思考該特定細分市場未來發展的正確方法嗎？還是我錯過了一些曾經的順風車？鑑於你們本季的表現，也許可以談談 Ortho 的前景。

Thank you, Danielle. Firstly, we are operating in a very robust market. As we communicated in the fourth quarter of last year, we still see some remnants of procedural backlog that are benefiting primarily our Orthopaedics business, and we expect that to continue at least to the first half of 2024.

謝謝你，丹妮爾。首先，我們在一個非常強勁的市場中運作。正如我們在去年第四季所傳達的那樣，我們仍然看到一些程序積壓的殘餘，這主要有利於我們的骨科業務，我們預計這種情況至少會持續到 2024 年上半年。

As you mentioned, our overall performance in Orthopaedics of 4.8% was impacted by a onetime change in revenue recognition timing. And this is only related to our U.S. business, but it did impact that business by about 300 basis points. Now keep in mind, we also had the impact of the fewer selling days [with an overall impact to our Worldwide MedTech business of 80pbs] (added by company after the call), which disproportionately impacted our Ortho business.

正如您所提到的，我們在骨科領域的整體表現為 4.8%，這是受到收入確認時間一次性變化的影響。這僅與我們的美國業務有關，但確實對該業務產生了約 300 個基點的影響。現在請記住，我們也受到了銷售天數減少的影響[對我們的全球醫療技術業務產生了80pbs 的總體影響]（由公司在電話會議後添加），這對我們的Ortho 業務產生了不成比例的影響。

We are proud of the ongoing progress we're making, specifically in areas where we needed to compete better. And specifically in hips and knees, we saw high single-digit growth in the first quarter, and specifically in knees driven by the tremendous performance of our VELYS platform. We're now within 2 years in 18 markets, 50,000 procedures and are seeing that as a constant tailwind as we now expand the provision of VELYS into EMEA and Asia-Pac through the remainder of the year.

我們為我們正在取得的持續進步感到自豪，特別是在我們需要更好競爭的領域。特別是在臀部和膝蓋方面，我們在第一季度看到了高單位數增長，特別是在我們 VELYS 平台的巨大性能推動下的膝蓋方面。現在，我們在2 年內就在18 個市場開展了50,000 例手術，並認為這是一個持續的推動力，因為我們現在將在今年剩餘時間內將VELYS 的供應範圍擴大到歐洲、中東和非洲和亞太地區。

And so I think you can expect continued improvement in our Orthopaedics business for the remainder of the year, as we continue to build our portfolio and drive further expansion across the globe.

因此，我認為隨著我們繼續建立我們的產品組合併推動全球範圍內的進一步擴張，您可以預期我們的骨科業務在今年剩餘時間內將持續改善。

Our next question today is coming from Geoff Meacham from Bank of America.

今天我們的下一個問題來自美國銀行的 Geoff Meacham。

This is Charlie Yang for Geoff. I have 2 questions, please. I know there's recent news regarding the INVEGA SUSTENNA/XEPLION litigation. Can you just tell us about kind of what we should kind of think about in terms of the potential kind of impact or in terms of the timing of the next steps?

這是傑夫的查理楊。我有 2 個問題，請問。我知道最近有關於 INVEGA SUSTENNA/XEPLION 訴訟的消息。您能否告訴我們我們應該在潛在影響或後續步驟的時間安排上考慮什麼？

And then second, can you just talk about the very strong bladder cancer data expectation, AUA? In terms of what kind of benchmark we should expect in terms of the 1-year CR rate?

其次，您能談談非常強烈的膀胱癌數據預期 AUA 嗎？就1年CR率而言，我們應該期待什麼樣的基準？

Perfect. Well, I'll take the INVEGA SUSTENNA question, and I'll pass it over to my colleague, John, to take the next one. So if we think about our LAI portfolio, our long-acting injectables, just as a reminder for everybody, we really are leading therapies in this space with our INVEGA SUSTENNA, INVEGA TRINZA and INVEGA HAFYERA products. And we're really excited about the latest data that we have, particularly for HAFYERA, which a recent study shows that at 2 years, 96% patients on HUMIRA -- excuse me, on HAFYERA are relapse-free, which is really, really striking.

完美的。好吧，我將回答 INVEGA SUSTENNA 問題，然後將其轉交給我的同事 John 來回答下一個問題。因此，如果我們考慮一下我們的 LAI 產品組合，我們的長效注射劑，就像提醒大家一樣，我們的 INVEGA SUSTENNA、INVEGA TRINZA 和 INVEGA HAFYERA 產品確實在這一領域處於領先地位。我們對我們掌握的最新數據感到非常興奮，特別是HAFYERA 的數據，最近的一項研究表明，在2 年裡，96% 服用HUMIRA 的患者——對不起，服用HAFYERA 的患者沒有復發，這真的非常非常好引人注目。

So as we get to the legal question, we really don't speculate on the impact of ongoing litigation. But that being said, we remain really confident about the strength of our INVEGA SUSTENNA patents, and we're going to continue to defend the intellectual property that's associated with these patents.

因此，當我們談到法律問題時，我們確實不會猜測正在進行的訴訟的影響。但話雖如此，我們對 INVEGA SUSTENNA 專利的實力仍然充滿信心，並且我們將繼續捍衛與這些專利相關的智慧財產權。

If we're clear to go a little bit deeper, the Federal Circuit's April 1 decision did not invalidate our patent. It just remanded the case back to the New Jersey District Court, the one that had ruled in our favor originally.

如果我們更深入了解的話，聯邦巡迴法院 4 月 1 日的決定並沒有使我們的專利無效。它只是將案件發回新澤西地方法院重審，該法院最初做出了對我們有利的裁決。

Likewise, there was another ruling and another case on this patent against a different company that also did go in our favor. So it's going back to the original judge that ruled on -- in favor of the patents, and we'll have to see what comes. We won't speculate on that, but we remain really confident on the strength of our patents.

同樣，針對另一家公司針對該專利的另一項裁決和另一起案件也確實對我們有利。因此，這將回到最初做出有利於專利的裁決的法官，我們必須看看會發生什麼。我們不會對此進行猜測，但我們對我們的專利實力仍然充滿信心。

Yes. Thanks for your interest in the platform that we have, the drug device combo for early bladder cancer. Clearly, a great unmet need in as much as there are more than 600,000 people every year who are diagnosed with early bladder cancer. And the vast majority of those patients go on to have their bladders removed, which clearly has a very detrimental effect on quality of life.

是的。感謝您對我們的平台（用於早期膀胱癌的藥物設備組合）感興趣。顯然，每年有超過 60 萬人被診斷出患有早期膀胱癌，這是一個巨大的未滿足的需求。絕大多數患者都接受了膀胱切除術，這顯然對生活品質產生了非常不利的影響。

With our drug device system which, I think, again, is a great example of how MedTech and Pharma can come together in a synergistic way, but we delivered, really, I think, exciting early data. Those were presented at the ESMO conference last September and showed, for example, with the TAR-200 product that has gemcitabine, an impressive complete response rate of over 75% and nice durability with 21 out of 23 patients, who we showed at that meeting, still ongoing and no patients having had to progress to a radical cystectomy.

我認為，我們的藥物設備系統再次是醫療技術和製藥如何以協同方式結合在一起的一個很好的例子，但我認為，我們確實提供了令人興奮的早期數據。這些成果已在去年9 月的ESMO 會議上展示，例如，含有吉西他濱的TAR-200 產品的完全緩解率令人印象深刻，超過75%，並且我們在那次會議上展示的23 名患者中有21名患者俱有良好的耐久性，仍在進行中，沒有患者必須進行根治性膀胱切除術。

So I think at the AUA, because those data are not yet disclosed, I can't provide the details. But I think you can expect to see more of the same now with longer follow-up. And with more patients, we've expanded those cohorts and do believe that we're on track to deliver pivotal data in that first indication, which is in the BCG nonresponsive patients.

所以我認為在AUA，因為這些數據還沒有公開，所以我無法提供細節。但我認為，隨著更長的後續行動，你現在可以期待看到更多相同的情況。隨著患者數量的增加，我們擴大了這些隊列，並相信我們有望在第一個適應症（即卡介苗無反應患者）中提供關鍵數據。

Recollect that in early bladder non-muscle invasive bladder cancer, standard care is this attenuated mycobacteria, BCG. Unfortunately, fewer than half patients receive -- achieve a complete response. And the therapy is -- has tolerability problems, to say the least, where patients feel like they have a chronic urinary tract infection.

回想一下，在早期膀胱非肌肉層浸潤性膀胱癌中，標準治療是減毒分枝桿菌（BCG）。不幸的是，只有不到一半的患者獲得完全緩解。至少可以說，這種療法有耐受性問題，患者覺得自己患有慢性泌尿道感染。

The discontinuation rate with TAR-200 has been very low. So we're very delighted with the excellent tolerability profile as well as these impressive deep efficacy -- deep and durable efficacy.

TAR-200 的停藥率非常低。因此，我們對出色的耐受性以及這些令人印象深刻的深層功效——深層而持久的功效感到非常高興。

So yes, so please watch that AUA presentation. I think we remain on track for a filing early next year based on these pivotal data, and we look forward to sharing those results at that Congress.

所以是的，所以請觀看 AUA 演示。我認為我們仍有望在明年初根據這些關鍵數據提交文件，我們期待在國會上分享這些結果。

Next question is coming from Matt Miksic from Barclays.

下一個問題來自巴克萊銀行的馬特·米克西奇。

So a follow-up maybe on some of the device trends. In particular, cardio and EP, very strong in the quarter. Wondering if you could provide some color kind of geographically as to how some of the product launches have either driven overseas or competitive environment in the U.S. has affected U.S. performance so far. And then just one quick one on Ortho, if I could.

因此，可能會跟進一些設備趨勢。特別是有氧運動和 EP，本季非常強勁。想知道您是否可以提供一些地理方面的信息，說明某些產品的發佈如何推動海外或美國的競爭環境迄今為止影響了美國的表現。如果可以的話，然後快速介紹一下 Ortho。

Sure, Matt. Firstly, let me start on cardio. As Joaquin mentioned, we've made a lot of progress in building out our portfolio. And until recently, we only participated in one high-growth category within Cardiovascular, and that being Electrophysiology, which I will touch on performance in a second.

當然，馬特。首先，讓我從有氧運動開始。正如華金所提到的，我們在建立產品組合方面取得了很大進展。直到最近，我們只參與了心血管領域的一個高成長類別，那就是電生理學，我稍後將談到表現。

We are and have had a 20-year lead in Electrophysiology and now have built on that position in Cardiovascular with the acquisition of Abiomed. We're now over a year into integrating that business and couldn't be more proud of the progress we've made. We continue to perform ahead of the deal model. And once again, this quarter did so with growth in excess of 15%.

我們在電生理學領域一直處於領先地位 20 年，現在透過收購 Abiomed，我們在心血管領域進一步鞏固了這一地位。我們整合這項業務已經一年多了，我們對所取得的進展感到非常自豪。我們繼續表現超前的交易模式。本季的成長率再次超過 15%。

That gives us now 2 leadership positions within cardiovascular care. Once we close the acquisition of Shockwave, that will be our third very thoughtful and deliberate move to only participate in high-growth, high-margin Cardiovascular areas where there is significant unmet need and tremendous opportunity for us to grow.

這使我們現在在心血管護理領域佔據了兩個領導地位。一旦我們完成對 Shockwave 的收購，這將是我們第三次非常深思熟慮和深思熟慮的舉措，只參與高成長、高利潤的心血管領域，這些領域存在顯著的未滿足需求和巨大的發展機會。

And so we're very excited by the fact that we will be one of the only strategics with only high growth, high-margin businesses in the largest category within MedTech, $60 billion market, growing roughly 8%, incremental $5 billion of growth coming out of that category each and every year. So very excited by those moves.

因此，我們非常興奮的是，我們將成為醫療科技最大類別中僅有的高成長、高利潤業務的策略公司之一，該市場規模達600 億美元，成長約8%，增量成長50 億美元即將到來每年都超出該類別。對這些舉動非常興奮。

Specifically to your questions on EP, we've seen growth across the board in excess of 20%, both in the U.S. and ex-U.S. And I think it really talks to the trust that our customers have in our technology today.

具體到你關於 EP 的問題，我們發現美國和美國以外地區的整體成長都超過 20%。我認為這確實體現了我們的客戶對我們當今技術的信任。

RF and our portfolio of RF products are the most and tested products with 20 years of experience. And by the way, we're not going to miss PFA, the progress we've made on ensuring that we can build our presence in that category with the approval in the EU as well as in Japan. We've also submitted for FDA approval.

RF 和我們的 RF 產品組合是經過最多測試的產品，擁有 20 年的經驗。順便說一句，我們不會錯過 PFA，我們在確保我們能夠在歐盟和日本獲得批准的情況下建立我們在該類別中的地位方面所取得的進展。我們也已提交 FDA 批准。

And while we don't control the timings, we expect that approval to come through by the end of this year or early next year. And so very confident in our ability to build on our leadership position in EP. Was there a specific question to Ortho?

雖然我們無法控制時間，但我們預計批准將在今年年底或明年初獲得。因此，我們對鞏固 EP 領域的領導地位的能力充滿信心。對 Ortho 有具體問題嗎？

Yes. Just a comment on Ortho generally was sort of low to mid-single digits. But in hips and knees, sounded like 9%-ish. Add back the selling day and you're at double digits. It is just kind of really off the chart growth, I think, in that category.

是的。對 Ortho 的評論通常是低到中個位數。但在臀部和膝蓋，聽起來像是 9% 左右。再加上銷售日，你的銷售額就達到了兩位數。我認為，在這個類別中，這種成長確實是超乎尋常的。

And I'm just wondering, should we see some sustainability of that rate or ramping down of that rate? How can you help us think about the rest of the year, in particular in hips and knees?

我只是想知道，我們是否應該看到該比率的可持續性或逐漸下降？您如何幫助我們思考今年剩下的時間，特別是臀部和膝蓋？

Well, Matt, I think it's a testament to the progress of our team within also in building out our portfolio. We had some gaps in the past and now filling those gaps, both in hips and then even more notably in knees with the launch of our VELYS robot is really what is creating the tailwind that we're enjoying today, and we do expect that to continue.

嗯，馬特，我認為這證明了我們團隊在建立我們的產品組合方面取得的進展。我們過去有一些差距，現在透過推出 VELYS 機器人填補了這些差距，無論是在臀部，還是更值得注意的是在膝蓋方面，這確實創造了我們今天所享受的順風，我們確實希望這能夠繼續。

Now this was a strong quarter. Can we see that sort of growth every single quarter? Not absolutely sure, but we do expect high single-digit growth out of both of those categories going forward.

這是一個強勁的季度。我們每季都能看到這種成長嗎？不太確定，但我們確實預計這兩個類別未來都會出現高個位數成長。

I will also say that the work we've done in the Orthopaedics here isn't -- hasn't been just about growth. It's also about improving our margin profile. And you know that in the second quarter of '23, we announced a major restructuring, which is focused on really simplifying our portfolio and focusing our business on where we could drive the greatest impact for patients and for shareholders.

我還要說的是，我們在骨科所做的工作不僅僅是關於成長。這也是為了改善我們的利潤狀況。您知道，在 2023 年第二季度，我們宣布了一項重大重組，其重點是真正簡化我們的產品組合，並將我們的業務重點放在可以為患者和股東帶來最大影響的領域。

That effort is resulting in a 20% reduction in our [SKUs]. And to put that in context, we have 100,000 [SKUs] (corrected by company after the call) today within our Orthopaedics business. And so a real testament to the effort of that group to not only drive top line performance, but also evolve the portfolio to improve margins. Thank you, again, Matt.

這項努力使我們的 [SKU] 減少了 20%。更具體地說，我們今天的骨科業務有 100,000 個 [SKU]（在電話會議後由公司更正）。因此，這真正證明了該團隊不僅致力於推動營收業績，而且還不斷發展產品組合以提高利潤率。再次感謝你，馬特。

Thanks, Matt. Kevin, we have time for one more question.

謝謝，馬特。凱文，我們還有時間再問一個問題。

Our final question today is coming from Vamil Divan from Guggenheim Securities.

我們今天的最後一個問題來自古根漢證券公司的瓦米爾·迪萬。

One, I just was curious on SPRAVATO and sort of where -- and very strong growth again this quarter. If you can just provide a little more context there on where the growth is coming from, what sorts of practices, what that -- the patients are given that product to be hopefully get a sense of that trend.

第一，我只是對 SPRAVATO 以及在哪裡感到好奇——本季再次出現非常強勁的成長。如果你能提供更多背景信息，說明增長來自何處、採取何種做法、是什麼——患者使用該產品希望能夠了解這種趨勢。

And then just the other question we get a lot from investors is on the drug price negotiations with Medicare on the 10 drugs that are selected for this year's program through IRA. I know you probably don't want to get too much into the specifics, but I'm curious if you can just share some high-level thoughts on how the progress of those discussions are going. And is it sort of in line with what you expected? Is there anything sort of very different from what you expected as the process plays out?

我們從投資者那裡得到的另一個問題是與 Medicare 就透過 IRA 選定用於今年計劃的 10 種藥物進行的藥品價格談判。我知道您可能不想過多了解具體細節，但我很好奇您是否可以分享一些關於這些討論進展的高層次想法。它是否符合您的預期？當這個過程進行時，有什麼與你預期的非常不同的地方嗎？

Well, thanks for the question, and thanks for asking about SPRAVATO. We continue to be really pleased with the uptake of SPRAVATO, as we continue to launch that product globally. You saw that there's over 70% growth in the quarter, as it continues to perform well for patients with treatment-resistant depression.

嗯，謝謝你的提問，也謝謝你詢問 SPRAVATO。隨著我們繼續在全球推出該產品，我們對 SPRAVATO 的採用感到非常高興。您看到本季的成長超過 70%，因為它在治療難治性憂鬱症患者方面繼續表現良好。

And so we've got a bold outlook for SPRAVATO as we continue to launch it into more markets and as we are able to even further penetrate the existing markets that we're in into a bit more of the community setting there.

因此，隨著我們繼續將 SPRAVATO 推向更多市場，並且我們能夠進一步滲透到我們所在的現有市場，進入更多的社區環境，我們對 SPRAVATO 有著大膽的前景。

In terms -- so good -- really, really good outlook. We're also -- just to put in a plug for Neuroscience. We talk a lot about our Oncology business and our Immunology business. Neuroscience is also a key area for us. So SPRAVATO is a key platform. We've also got aticaprant and seltorexant coming, and we had mentioned the long-acting therapies with the INVEGA SUSTENNA franchise earlier.

就而言——非常好——前景非常非常好。我們也只是為神經科學插上一個插頭。我們經常談論我們的腫瘤學業務和免疫學業務。神經科學也是我們的關鍵領域。所以 SPRAVATO 是一個關鍵平台。我們也推出了 aticaprant 和 seltorexant，我們之前也提到過 INVEGA SUSTENNA 特許經營的長效療法。

So back on IRA, we've been really clear that we do think that these -- the IRA drug setting provisions are damaging to the health care innovative system. It just -- it is not something that is going to help reinforce the tremendous investments that we're making in R&D to develop the next types of treatments and cures.

回到 IRA 上，我們非常明確地表示，我們確實認為這些 IRA 藥物設定條款正在損害醫療保健創新系統。它只是——它不會有助於加強我們為開發下一代治療方法而在研發方面進行的巨額投資。

That being said, we do focus on patient access and are trying to make sure that our products are available to the patients who need them. And so we're working appropriately with the government and in line with the process to start going back and forth around what the ultimate price will be.

話雖這麼說，我們確實關注患者的可及性，並努力確保我們的產品可供需要的患者使用。因此，我們正在與政府適當合作，並按照流程開始圍繞最終價格進行反覆討論。

So there has been a round or two of going back and forth. And so we're still in the middle of that process. I can't really provide any more details on that. What I will say is that the products that we have that are going through the process, they are not our growth drivers for the future. Those are -- they are our products that are more at end of life. And so they're not the ones that are going to be really key for us, both in the coming years as well as out through the end of the decade.

就這樣來來回回了一兩輪。所以我們仍處於這個過程的中間。我實在無法提供更多細節。我要說的是，我們正在經歷這個過程的產品，它們不是我們未來的成長動力。這些是我們的產品，它們的壽命已接近尾聲。因此，無論是在未來幾年還是在本世紀末，它們都不是對我們真正重要的。

And what I'd love to also reinforce is that we do remain confident that we've got a clear path to achieving our $57 billion commitment that we made back in December at our Enterprise Business Review as well as from '25 to '30, delivering above market growth with 5% to 7% compounded annual growth rate, and with growth in every year, that being 2025 as well as all of the years beyond that.

我還想強調的是，我們仍然有信心，我們有一條明確的道路來實現我們在 12 月的企業業務回顧以及從 25 世紀到 30 年間做出的 570 億美元的承諾，以5% 至7%的複合年增長率實現高於市場的成長，並且每年都在成長，即2025 年以及之後的所有年份。

So irrespective of the IRA, when I take a look at our growth drivers and how our pipeline is coming in, we feel real confident about the state of our business.

因此，無論 IRA 如何，當我審視我們的成長動力以及我們的管道如何進入時，我們對我們的業務狀況充滿信心。

Thank you, Vamil, and thanks to everyone for your questions and your continued interest in our company. We apologize to those that we couldn't get to because of time, but don't hesitate to reach out to the Investor Relations team with any remaining questions you may have.

謝謝您，Vamil，感謝大家提出的問題以及您對我們公司的持續關注。對於因時間因素無法聯繫的人士，我們深表歉意，但如果您還有任何疑問，請隨時聯繫投資者關係團隊。

I will now turn the call over to Joaquin for some brief closing remarks.

現在我將把電話轉給華金，讓他發表一些簡短的結論。

Thank you, Jess. And Johnson & Johnson's solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline. Our impact across the full spectrum of health care is unique in our industry. And the commercial, clinical and capital allocation milestones achieved in Q1 reinforce our position as an innovation powerhouse.

謝謝你，傑西。強生公司第一季的穩健表現反映了我們更加專注以及我們的投資組合和管道的進展。我們在整個醫療保健領域的影響力在我們的行業中是獨一無二的。第一季實現的商業、臨床和資本配置里程碑鞏固了我們作為創新強國的地位。

One of the most significant milestones this quarter was the announcement of our planned acquisition of Shockwave that will further strengthen our leadership position in Cardiovascular. We continue to make strong progress towards the goals that we set out at our December enterprise business review, and I'm looking forward to all that we will achieve through the remainder of 2024.

本季最重要的里程碑之一是我們宣布計劃收購 Shockwave，這將進一步加強我們在心血管領域的領導地位。我們繼續朝著 12 月企業業務回顧中設定的目標取得強勁進展，我期待著我們在 2024 年剩餘時間裡將實現的一切。

This concludes today's Johnson & Johnson's First Quarter 2024 Earnings Conference Call. You may now disconnect.

今天的強生公司 2024 年第一季財報電話會議到此結束。您現在可以斷開連線。